'Source of Information - thebusinessinsider'
Greece Prime Minister George Papandreou had to literally turn his plane around from a visit to the United States in order to address issues back home. The troika (EU, ECB, IMF) is apparently demanding the Papandreou government sack another 100,000 public sector workers over the next two years in exchange for the next tranche of bailout money, in addittion it appears they are demanding deeper pension cuts than already proposed.
Personally I dont believe the Greek citizens will allow such cuts so the only plausible expectation over the coming week will be a Euro stimulus package (which the Germans are refusing) or a Greek default.
In the event of a Greek default here are some details on countries with exposure to Greek Debt.
1. Japanese Banks hold 432 million in Greek Debt.
2. Spanish Banks hold 540 million in Greek Debt.
3. US Banks hold 1.5 billion in Grek Debt.
4. Italian Banks hold 2.35 billion in Green Debt.
5. UK Banks hold 3.4 billion in Greek Debt.
6. French Banks hold 14.96 billion in Greek Debt.
7. German Banks hold 22.65 billion in Greek Debt.
8. Greek Banks hold 62.8 billion in Greek Debt.
9. ECB holds 40 billion Euros in Greek Debt.
Macedonia and Bulgeria have the greatest foreign direct investment % to GDP in Greece.
Macedonia - 7% of GDP
Bulgeria - 8% of GDP
Now we have all heard about PIGS, with Greece and Italy in the news often, however the big problem appears to be Spain.
Spain is the 5th largest economy in the Euro and if it fails then a total Euro collapse is imminent.
It appears that Spain is really struggling with up to 21% unemployment, and massive property crisis and a rising debt to GDP of 342%. With a Greek default some analysists are tipping Spain to follow.
This week looks threatening so cautious trading people. I cant help but think that Martis predictions will come to fruition this week. Good luck all.
- Forums
- General
- greek debt concern - be cautious this week.
greek debt concern - be cautious this week.
-
- There are more pages in this discussion • 25 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
SER
STRATEGIC ENERGY RESOURCES LIMITED
David DeTata, Managing Director
David DeTata
Managing Director
SPONSORED BY The Market Online